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Sunday, 12 October 2008

Time to suspend the insanity of the EU

The pernicious effects of the EU are not the trivia of straight bananas or removing the crown mark from pint pots, irritating those these are. They are far more fundamental and are causing deep damage to the UK;

1. The disastrous effects of financial reporting requirements that are at least partly responsible for the severity of the crisis; EU Referendum catalogues the whole sorry mess.

2. The insanity of banning the UK from running or building coal fired power stations at a time when our power supplies are on a knife edge and we risk black-outs and shortages

3. The lunacy of the landfill policy, costing us billions in additional council tax for something that has no justification whatsoever

4. £12bn a year in direct contributions and a further £28bn a year in regulatory and compliance costs at a time when the State coffers ring hollow as a bell.

A truly bold government at this time would move to suspend our membership of this bankrupt destructive cabal immediately, pending fundamental renegotiation of our membership. Just freedom from the four crushing burdens above would bring incalculable immediate benefits to our nation and economy. But Brown is not the man to do it, nor I fear is Cameron. I fear that only a catastrophic crash will free us of this lunacy.


Sabretache said...

I can EU bash with the best of them, but frankly EU Ref et al are living in cloud cuckoo land if they seriously believe that it is A OK that banks (or anyone else for that matter) be exempted from 'mark to market' accounting for the purposes of assessing solvency. Just what is supposed to replace it? - mark to fantasy? - "Trust us, it's worth what we tell you it's worth"? Come on, Do me a favour.

They're having exactly the same hissy-fit in the US right now. Desperate times call for desperate measures eh? - and this really IS desperate. Fact is it has been a solvency crisis all along and no amount of accounting jiggery-pokery is going to change that simple little fact. So what exactly are they proposing to fix this solvency crisis? It goes something like this:

"The market values this CDS/CDO (whatever) crap at close to zero; but we'll value it at what we think we can get away with" which natch - surprise, surprise - will be higher by a factor of millions/billions.

And this is supposed to BOOST confidence??? - What it will in FACT do is spread even more FUD because, by now, most people who have not got their heads stuck up their back sides have learned that trusting bankers can seriously damage your wealth.

So no; that EU rule did not get us into this mess. It simply made it impossible for the biggest confidence trick in history to continue; that's all.

Anonymous said...

why do you think cameron will not suspend our EU membership pray?

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